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MARKET COMMUNICATION

10/30/2014

Regarding a notice published by Moody's Investors Service on October 29, 2014 to the effect that Banco Nacional de Desenvolvimento Econômico e Social – BNDES intended to issue notes denominated in Renminbi (CNY), BNDES points out that Moody's published a further notice on October 30, 2014 retracting the original ratings notice and acknowledging that it had been published in error, since no such issuance by BNDES has been or will be carried out in the near term. BNDES monitors the international market constantly in order to identify possible fundraising opportunities for its investment budget directed to the support of projects and programs that promote economic and social development.

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